#Forex : #EURUSD daily forecast /#MBCFX #TechnicalAnalysis Team /02/12 /2013


#Forex : #EURUSD daily forecast /#MBCFX #TechnicalAnalysis Team /02/12 /2013







The EUR/USD is making downward corrections which are expected to continue towards the correction Elliot level of $1.3345.

We also expect that the market will witness sideways trading within a range due to the reluctance of the most investors to trade ahead of the G20 meeting this week in Russia to see whether the monetary policies would weaken the desire to implement economic reforms aiming for sustainable global growth.

The EUR/USD prices are expected to trade between the 1.3404 and the 1.3345 levels, and this area would represent great opportunities to make some profits, as we recommend to enter buy positions on the short term trading at the support level of $1.3345 , and to sell at the resistance level of 1.3404, until the certainty of general market direction.

We also notice that  the chart above of  the EUR/USD confirms the fundamental analysis, as the prices are trading within a sideways channel in a correction step, and  we expect that the Euro  would breach down this channel on the average term trading towards the 1.33 level.

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MBCFX Forex & CFDs Brokerage Firm